Asset tracking is one of those business investments that simply makes sense. As highlighted in Forbes, it helps you know when “to upgrade or replace in order to remain at the cutting edge of your industry.” Moreover, “you can cut costs and also find better, more efficient ways of doing things.”
High-value equipment raises the stakes of asset tracking. As the worth of equipment increases, so do the risks and losses. If high-value equipment is damaged or stolen, businesses take a significant financial hit. These variables make robust asset protection tracking solutions all the more critical.
The Need for Asset Protection Tracking
According to the National Equipment Register (NER), the U.S. experiences 10,000-11,000 construction machine thefts annually. The average loss per machine fluctuates between $35,000-$45,000. When you factor in delays, downtime, and replacement costs, annual losses reach half a billion dollars.
One big reason thieves target construction equipment is because of its high price. They can earn a big payback when selling the machines to unsuspecting customers. They can also use it for projects without paying to rent or purchase equipment.
Aside from cost implications, stolen construction equipment disrupts a construction company’s operations. Delays in project timelines can lead to financial penalties for missed deadlines. They also strain client relationships. When projects don’t progress as planned, labor and overhead costs also rise.
Enabling High-Value Equipment Monitoring
Monitoring high-value equipment isn’t a one-dimensional approach. It involves the use of a variety of methods and technologies, such as:
- GPS tracking: Keep track of the real-time location of vehicles through satellite signals
- RFID technology: Track equipment movement within a specific range via RFID tags
- IoT sensors: Assess equipment location, use, and maintenance to support proactive decision-making
- Surveillance cameras: Monitor equipment storage areas and construction sites with strategically placed cameras
- Access control systems: Restrict access to equipment storage areas to authorized personnel
Surveillance cameras and access control systems support the safety of high-value equipment. But, real-time monitoring capabilities are the best safety net. When a theft occurs, companies can track the whereabouts of equipment. This information helps them make the right moves to get the machines back.
Essential Asset Tracking Techniques
With essential asset tracking techniques like RFID tags, you’ll receive instant alerts when assets move outside designated zones. Similarly, GPS tracking triggers immediate alerts if unauthorized asset movement occurs. In both cases, notifications support a quicker recovery of high-value equipment.
Another vital part of your asset protection tracking is routine audits. Periodic manual checks on assets allow you to verify assets against inventory records. It’s also an opportunity to check the condition of assets and ensure they haven’t been tampered with.
Last but not least, there’s also the use of software platforms. The ability to set geofences, for instance, lets you receive alerts when a GPS-equipped asset leaves a predefined area. Driver behavior monitoring capabilities, meanwhile, allow you to see erratic driving behavior. Any sudden change could be a sign of theft.
Integrating Asset Tracking into Business Operations
The successful implementation of asset tracking systems requires a strategic approach. Follow these best practices:
- Create a detailed list of all your company’s assets, categorize them, and note which are high-value assets
- Outline the objectives of investing in an asset tracking system, whether that’s reducing loss or improving efficiency
- Choose a system that aligns with your company’s requirements and features an easy user interface
- Implement a training program to make sure employees know how to use asset tracking tools and interpret data
- Establish and document clear standard operating procedures, making improvements as needed over time
- Conduct periodic reviews to make sure the asset tracking system continues to be accurate and effective
Evaluating Asset Tracking Solutions
When it comes down to selecting asset tracking solutions, keep these factors top of mind:
- Reliability: Does the solution provide accurate location data? Can you maintain connectivity in challenging environments? Is the data secure?
- Scalability: Can the solution accommodate asset growth? Is integration seamless with other business systems? Does the solution embrace new technologies and standards?
- Ease of use: Is the design of the solution straightforward? Are mobile capabilities provided? Do users have access to comprehensive training materials?
Invest in Asset Tracking for High-Value Equipment
Asset protection tracking for high-value equipment safeguards the financial interests of companies. It also supports a more efficient operational environment. The right combination of methods and technologies achieves this effect.
As a fleet operator, we encourage you to assess your current asset tracking strategies. You may find it’s time to adopt or upgrade your existing systems.
When the time is right, connect with Azuga. Our state-of-the-art software pairs the right tools with comprehensive service to help your fleet flourish.
